If you have an Olympia Credit Union checking account, changes are coming to the way you receive overdraft coverage for your everyday debit card and ATM transactions. This article is designed to explain overdraft services, the upcoming changes and what choices are available to you. Once you have read this information, you can take action immediately via one of the options at the bottom of this page.

• Overdraft: An overdraft occurs when a check, ACH (automatic debit), debit card or ATM transaction posts against your checking account and you do not have sufficient funds to cover it.
• Overdraft services: These are various options to cover your account in the event of an overdraft. These options include discretionary Overdraft Privilege, a savings account and personal line of credit.
• Everyday debit card transactions: Individual purchases made using your debit card (recurring automatic payments and checks are not included in everyday debit card transactions).
• Opt in: Actively requesting a service that Olympia Credit Union provides.
• Opt out: Declining a service that Olympia Credit Union provides.

• If your checking account meets certain criteria, Olympia Credit Union provides discretionary Member Privilege as a benefit.
• Currently: With Member Privilege, Olympia Credit Union may, at its' discretion, approve on-the-spot coverage for overdrafts on checks, ACH (automatic debits), everyday debit card and ATM transactions, avoiding the associated hassle or embarrassment of a declined transaction.
• Upcoming regulatory changes: Effective August 15, 2010, Olympia Credit Union will not be able to cover everyday debit card and ATM transactions with Member Privilege without your permission. To continue receiving this convenient service, you will need to actively respond (opt in), telling us that you wish to keep this coverage.
• What will not change: Payments for checks, automatic debits and recurring debit card transactions will continue to be covered by Member Privilege. You do not need to opt in to continue having these transactions covered.
• Flexibility: You can change your option at any time. If you opt in, you can cancel later. If you opt out, you can request coverage at a later time.

• Overdraft protection from your savings account is automatically established when you open a checking account. If funds are available in your savings account, this option will be utilized instead of Member Privilege*.
• Other overdraft protection options include transferring funds from another account you have with Olympia Credit Union or a personal line of credit.
• Your Olympia Credit Union Visa® card can also be an overdraft option.  This is a loan and you must be approved to qualify.
• These options may be less expensive than Member Privilege.

• There is no fee to have Member Privilege unless it is used to cover an overdraft.
• In the event of an overdraft, you will be charged a fee of $30. This fee is assessed for each overdraft occurrence covered by Member Privilege.  
• There is no limit on the total fees Olympia Credit Union can charge for overdrawing your account**.

*A transfer fee will apply. Please refer to our rate and fee schedule.

**Up to your established discretionary Member Privilege limit.  

You can Take Action Today!

 To continue the convenience of Member Privilege for everyday debit card and ATM transactions, you must opt in no later than August 14, 2010 by: 

§ Calling 360-754-5559 or 360-456-7037.

§ Visiting any Olympia Credit Union branch.

§ Completing the form included with a letter you may receive in the near future.

§ Logging into Home Banking and submitting the form electronically.

If you do not take action via one of the options listed above, you will be opted out of Overdraft Privilege for your everyday debit card and ATM transactions effective August 15, 2010.